Bloom Technology, a South Korean firm, has claimed to have developed a technology that can quicken blockchain transactions.
According to United Press International, which reported the news, Bloom Technology’s CEO, Lee Sang-yoon has stated that the blockchain focused firm’s Lotus Chain technology has the ability to bring down blockchain transaction processing time to split second.
Bloom Technology carried out a public trial using 635 participating nodes to highlight the Lotus Chain Technology’s speed of processing a transaction.
The trial revealed that the technology was able to boost the transaction time to between 0.13 and 0.23 seconds. Regarding the trial, Korea Blockchain Association Vice Chairman Moon Young-bae, stated as follows:
“Locus Chain is still under development to become a complete version. But I believe that the technology is already commercially viable […] I think it is a real deal.”
Lee further highlighted the significance of quicker blockchain trades by stating that trades usually take “more than 10 minutes for cryptocurrencies and even longer than an hour for Bitcoin.”
Last month, South Korea’s National Assembly national policy committee approved a bill structured to legalize crypto and provide necessary regulatory clarity to crypto related businesses in South Korea. The bill is yet to be endorsed by the judiciary committee. If approved, the law will become effective in 2020.
It is not the first time South Korean authorities attempt to create clarity in crypto related operations. Last year, the regulators issued a blanket ban on using anonymous accounts to trade in cryptocurrency exchanges, in accordance with anti-money laundering and KYC rules in the country.